Aegera Therapeutics, a clinical stage biotechnology company focussed on developing targeted therapeutics for oncology and pain, announced today the full drawdown of a $7 Million debt facility provided by Investissement Quebec. The $7 Million facility was provided to fund the attainment of significant milestones in Aegera's AEG35156 oncology program and AEG33773 diabetic neuropathic pain program, both of which are currently being tested in randomized Phase 2 clinical trials in Canada, the United States and Europe, as well as to provide additional working capital to Aegera.
"Investment Quebec's loan is an extremely attractive loan facility with favourable terms and conditions. It represents a very interesting alternative to more dilutive equity funding and will strengthen our balance sheet, as we approach the reporting of key Phase 2 clinical data from two of our three clinical programs in 2010," declared Donald Olds, Chief Operating Officer CFO of Aegera.
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